To do this four principles must be respected

The crisis of global capitalism imposes to strengthen the supervision of banking and insurance activities. At the national level, by articulating the missions carried out by the Ministry of finance, the Central Bank and regulatory authorities. At European level, by promoting the emergence of a common architecture in the Union. In France, the Government assigned a mission to Bruno Deletré, who found reconciliation of financial (1) in an authority independent regulatory authorities.

Even if no failure of business was to express regret in their sector, insurance, mutual and provident societies share fully the objective of supervision more efficient and transparent. Each measure that financial security is decisive for the confidence of the insured, the development of insurance and the competitiveness of the place of Paris. Each measurement, the magnitude of the shock and the danger of new bubbles, that there is more right to the error. To do this, four principles must be respected.

Specific activity and the risk of insurance and mutuality must be taken into account. The insurance does not reduce asset management or financial techniques: the heart of its mission is the payment of the commitments and assistance to the insured. The major risks managed by the Bank and insurance, and the methods of control arising are different: risk to the assets for banks; risk liabilities for insurers. Mutuality and pension institutions, sector based on the principle of solidarity, can be treated according to the criteria applicable to the banking sector. The specificity of the insurance must be based on the existence, in the authority, a college and dedicated teams that are clean.

The independence of the future authority means to recognise the legal personality. The veil is the guarantee of independence of an administrative authority. It ensures its autonomy of decision, allows a strict budgetary control and founded its responsibility. This is why it is advocated by all European texts. It is therefore essential to provide the new authority, while ensuring close coordination with the Ministry of finance and the Bank of France through its governance. Similarly, it is fundamental to the credibility of the future authority, to prevent any form of conflict of interest that might appear between banks and insurance or corporate capital and mutual, for example about the definition of accounting standards.

The European dimension is decisive. The France, if it was to centralize the financial supervision in the Central Bank, marginalize in developed countries. The European Commission has developed a new financial architecture based on two pillars, one macroeconomic, entrusted to the central banks, and the second, micro, structured around a network of three institutions specialized in the control of the Bank, insurance and the markets. European law requires, as the European Court of human rights has just said with the Dubus judgment, clearly distinguish normative functions related to the regulation and the powers of sanction. The future Authority will have to be organized around a double separation between risk macro and microeconomic on the one hand, the powers of control and repression on the other hand.

Dialogue is the key to success. Dialogue must prevail with regard to personnel, whose accession is essential for the success of the new authority. Legal personality recognized it will promote the integration of officers Capa, the ECA and the Bank of France, the status of the latter being fully preserved detachments or available updates. The consultation is just as essential to the different poles of financial activity. If attention is legitimately to the banks, which are in first line in the crisis, insurance, mutual and provident societies are fully aware of the need to strengthen the supervision of their own risk under the new European prudential regime. They intend to mobilize along the lines of the conclusions of the report Deletré, for the creation of a new and fully independent, competent and accountable authority.